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5 Best Forex Brokers in Portugal for 2024

Looking for the top broker in Portugal? Based on our hands-on analysis, we’ve identified 5 best options tailored to various trading needs. Practical tips from our experts are included.

By:
Vladimir Zernov
Reviewed By:
Aviva Gurevich
Updated: Jan 14, 2024

List of Top Forex Brokers and Trading Platforms in Portugal

  • FP Markets — Best Overall
    Competitive spreads. Advanced traders have access to Pro Account. VPS hosting. 800+ tradable instruments. Has a ‘best execution policy.’
  • IronFX — Best MT4
    7 account types. MT4, VPS hosting. Wide range of tradable instruments. Research from Trading Central. Spreads are below the industry average.
  • AvaTrade — Best for Professional Traders
    MT4, MT5, Web Trader. AvaTradeGo mobile app. CFD, Options, and Islamic swap-free accounts. 1,250+ tradable instruments. Access to Trading Central.
  • IC Markets — Best Low Spreads
    Low trading costs. MT4, MT5, cTrader. Research offering includes Autochartist and Trading Central. Fast order execution. Free VPS.
  • XTB — Best For Beginners
    User-friendly proprietary platform. Strong educational support. Wide range of tradable instruments. Dedicated account manager.

Forex Trading in Portugal

CFD trading is rapidly gaining popularity in Portugal. Forex trading is both legal and regulated in Portugal, overseen by the CMVM (Portuguese Securities Market Commission), and falls under the supervision of the ESMA (European Securities and Markets Authority).

Brokers catering to Portuguese traders must adhere to MiFID II (Second Markets in Financial Instruments Directive) standards. This requires them to obtain authorization from regulatory bodies and to fulfill obligations designed to enhance investor protection and fight money laundering. Thanks to MiFID II, all EU-regulated brokers can serve residents of any EU country. This means that traders in Portugal can choose any EU-regulated broker entity.

How Did FX Empire Select the Best Brokers in Portugal?

To choose the best brokers in Portugal, we used the FX Empire’s 250-point rating system to find the leaders in each category. We focused on the following key features:

  • We selected trustworthy and transparent brokers with a top overall score based on our 250-data point rating system.
  • We favored brokers with top-tier EU regulators that are compliant with CMVM, ESMA, and MiFID II.
  • We chose brokers allowing EUR as the base currency.
  • We preferred brokers that offer CFDs on European shares.
  • We focused on brokers with generally low trading fees.
  • We listed brokers that have user-friendly and feature-rich platforms.
  • We prioritized brokers offering localization in terms of the website and customer support language (Portuguese), as well as payment methods.
  • We checked if the brokers provide bonuses and promotions for Portugal-based clients.

Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. I subsequently used my 16 years of forex trading experience to examine and analyze all our findings, resulting in the selection of the best brokers for Portugal-based traders across various categories. You can read more about it and how we conduct our tests here.

Now, let’s explore the selected brokers.

Best Overall

This material on this website is intended for illustrative purposes and general information only. It does not constitute financial advice nor does it take into account your investment objectives, financial situation or particular needs. Commission, interest, platform fees, dividends, variation margin and other fees and charges may apply to financial products or services available from FP Markets. The information in this website has been prepared without taking into account your personal objectives, financial situation or needs. You should consider the information in light of your objectives, financial situation and needs before making any decision about whether to acquire or dispose of any financial product. Contracts for Difference (CFDs) are derivatives and can be risky; When trading CFDs you do not own or have any rights to the CFDs underlying assets. FP Markets recommends that you seek independent advice from an appropriately qualified person before deciding to invest in or dispose of a derivative. A Product Disclosure Statement for each of the financial products available from FP Markets can be obtained either from this website or on request from our offices and should be considered before entering into transactions with us. First Prudential Markets Pty Ltd (ABN 16 112 600 281, AFS Licence No. 286354). FP Markets is a group of companies which include, First Prudential Markets Ltd (registration number HE 372179), a company authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC License number 371/18, Registered Address: Griva Digeni, 109, Aigeo Court, 2nd floor, 3101, Limassol, Cyprus. FP Markets does not accept applications from U.S, Japan or New Zealand residents or residents from any other country or jurisdiction where such distribution or use would be contrary to those local laws or regulations.
  • Min Deposit
    $100
  • Tradable Instruments
    844
  • Fees
    Medium

Established in 2005, FP Markets provides trading opportunities in forex pairs, commodities, stocks, indices, ETFs, and cryptocurrencies. The broker is regulated by CySEC, ASIC, and FSCA. FP Markets also has an unregulated entity, which is registered in St. Vincent & the Grenadines.

Regional Features:

  • Clients based in Portugal can open accounts with First Prudential Markets Ltd, regulated by the Cyprus Securities and Exchange Commission (CySEC)
  • Leverage: 1:30
  • EUR-denominated instruments: 140+
  • EUR/USD spread: 1.1 pips
  • Platforms: MT4, MT5

My research indicated that FP Markets offers a diverse array of tradable instruments, including stocks from EU exchanges. The broker also provides VPS hosting, which is a valuable feature for algorithmic traders. Advanced traders who meet specific criteria can get access leverage up to 1:500 with a Pro Account.

FP Markets also offers a Traders Toolbox for MetaTrader 4. This is a set of 12 distinct tools, which includes Correlation Trader (compares correlations between two symbols), Sentiment Trader (gauges market sentiment), and Excel RTD (inserts account, ticket, and price data into Excel). Personally, I find correlation tools invaluable as they often provide an opportunity to generate trading ideas.

Our tests showed that FP Markets offers mid-to-low spreads compared to the broader industry. For example, during my live testing, the EUR/USD spreads varied between 1.0 and 1.2, while the GBP/JPY spreads hovered between 1.5 and 1.9. Notably, the broker does not impose deposit, withdrawal, or inactivity fees.

Pros
  • Competitive spreads.
  • No inactivity, withdrawal, or deposit fees.
  • A well-rounded tradable instruments offering.
  • Solid platform offering and VPS.
Cons
  • The broker’s research support is below average.

Best MT4

Our products are traded on margin and carry a high level of risk and it is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved.
  • Min Deposit
    $0
  • Tradable Instruments
    321
  • Fees
    Medium

Founded in 2010, IronFX offers trading in forex, commodities, indices, stocks, and futures. The broker is regulated by CySEC, FCA, and FSCA.

Regional Features:

  • Clients based in Portugal can open accounts with Notesco Financial Services Limited, regulated by the Cyprus Securities and Exchange Commission (CySEC)
  • Leverage: 1:30
  • EUR-denominated instruments: 55
  • EUR/USD spread: 1.0 pips
  • Platforms: MT4

IronFX offers its clients access to the widely-used MetaTrader 4 platform. The broker’s clients can use automated trading via MetaTrader’s Expert Advisors feature and engage in copy trading with the broker's AutoTrade function. Additionally, IronFX provides VPS hosting, a key tool for algorithmic traders.

IronFX offers over 500 tradable instruments, including stocks from European exchanges. Several commodities are available for trading in pairs with the euro, which is particularly advantageous for Portugal-based clients. Traders can choose between spread-based and commission-based accounts, which are available in multiple currencies, including USD, EUR, GBP, AUD, JPY, BTC, PLN, and CZK.

In terms of fees, our tests revealed that IronFX's trading costs are below industry standards. For example, the EUR/USD spreads fluctuated between 0.9 and 1.0, while WTI oil spreads stood at 0.04. Importantly, IronFX does not charge deposit, withdrawal, or inactivity fees.

Pros
  • Wide range of tradable instruments.
  • Diverse account offering.
  • Strong research and educational materials.
  • VPS hosting.
Cons
  • Phone support is only available for active clients.

Best for Professional Traders

Trading CFDs and FX Options entail risk and could result in the loss of your capital.
  • Min Deposit
    $100
  • Tradable Instruments
    853
  • Fees
    Medium

Founded in 2006, AvaTrade offers a wide array of financial instruments, including stocks, ETFs, forex pairs, options, indices, commodities, cryptocurrencies, and bonds. The broker has multiple regulations, including CySEC, ASIC, and FSA Japan.

Regional Features:

  • Clients based in Portugal can open accounts with DT Direct Investment Hub Ltd, regulated by the Cyprus Securities and Exchange Commission (CySEC)
  • Leverage: 1:30
  • EUR-denominated instruments: 40+
  • EUR/USD spread: 0.9
  • Platforms: MT4, MT5, AvaTrade Web platform, AvaTradeGo
  • Portuguese version of the website

AvaTrade offers a wide range of tools for sophisticated traders. The broker provides access to platforms such as MetaTrader 4, MetaTrader 5, Web Trader, and the AvaTradeGo mobile app. AvaTrade's instruments offering is refreshingly diverse, encompassing rare finds like bonds and forex options, not often spotted in standard broker portfolios. In total, AvaTrade offers 1,250+ tradable instruments. Furthermore, traders have access to the popular Trading Central research tool.

The broker supports various account types, such as a Professional Account that allows access to increased leverage and Spread Betting (a UK exclusive). The broker also offers a specialized Options Account tailored for trading Forex options, as well as an Islamic Account.

My hands-on examination revealed that AvaTrade's fees for forex and commodities are more competitive than the industry average. For instance, during the live testing, spreads for the EUR/USD pair averaged around 0.9, while those for WTI oil were approximately 0.03. However, the spreads for indices and stocks were on the higher side. The spread for the Dow Jones ranged between 5 and 6, and the Tesla spread was 1.98.

Pros
  • Wide range of account types.
  • 1,250+ tradable instruments.
  • A solid selection of trading platforms.
  • Strong research and educational offering.
Cons
  • Fees for stocks and stock indices are less competitive compared to the industry average.

Best Low Spreads

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
  • Min Deposit
    $200
  • Tradable Instruments
    2251
  • Fees
    Low

Established in 2007, IC Markets has built a name for itself in the trading world. Regulated by ASIC, CySEC, and FSA Seychelles, the broker provides a balanced offering with a solid choice of tradable instruments – from forex and commodities to stocks, indices, and cryptocurrencies.

Regional Features:

  • Clients based in Portugal can open accounts with IC Markets (EU) Ltd, regulated by CySEC
  • Leverage: 1:30
  • EUR-denominated instruments: 18
  • EUR/USD spread: 0.7 pips
  • Platforms: MT4, MT5, cTrader
  • Portuguese version of the website

Our analysis revealed that IC Markets offers competitive pricing across both its Standard and Raw Spread accounts. Consider the EUR/USD pair in the Standard Account, with spreads typically ranging between 0.6 and 0.7, or the GBP/JPY pair, which boasts a spread of 2.2. The broker's commission rates in the Raw Spread account are also attractive. Furthermore, IC Markets skips any account maintenance or inactivity fees, adding to its cost-effectiveness.

Clients of IC Markets have the flexibility to select from MetaTrader 4, MetaTrader 5, and cTrader platforms. The broker not only offers its in-house research but also incorporates renowned third-party tools like Trading Central and Autochartist. Personally, I prefer to use sentiment analysis tools. For example, Trading Central offers Market Buzz and Crowd Insight tools, which provide an opportunity to gauge traders’ sentiment at a certain point in time. I’d note that IC Markets’ clients also have access to free VPS, which is important for algorithmic traders.

Moreover, IC Markets presents a well-diversified account offering, with accounts suitable for various trading styles like day traders, scalpers, EAs, and discretionary traders. All trading styles are allowed at all IC Markets accounts, which is important for advanced traders.

Pros
  • Competitive spreads and commissions.
  • A wide range of cryptocurrencies to trade with.
  • Multiple trading platforms and solid research tools.
  • Free VPS hosting.
Cons
  • No proprietary platform.

Best For Beginners

4.5
81 % of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
  • Min Deposit
    $0
  • Tradable Instruments
    1950
  • Fees
    Low

Founded in 2002, XTB offers trading in forex pairs, commodities, indices, stocks, and ETFs. The broker is regulated by FCA, CySEC, CNMV, KNF, and IFSC Belize. XTB is a publicly traded company listed on the Warsaw Stock Exchange.

Regional Features:

  • Clients based in Portugal can open accounts with XTB Limited (CY), regulated by the Cyprus Securities and Exchange Commission (CySEC)
  • Leverage: 1:30
  • EUR-denominated instruments: 500+
  • EUR/USD spread: 0.9 pips
  • Platforms: xStation 5
  • Portuguese version of the website

XTB has crafted a user-friendly proprietary platform, xStation 5. Such an intuitive platform is particularly advantageous for novice traders, allowing them to concentrate on their investment decisions without struggling with the platform's complexities. The broker offers a vast array of tradable instruments, including an interesting selection of stocks from various European exchanges. Additionally, beginner traders will also benefit from XTB’s comprehensive educational materials, which provide valuable expert insights in both video and written formats.

Talking about fees, our tests indicated that XTB provides competitive spreads in forex pairs. During our live assessment, for instance, the EUR/USD spreads ranged between 0.8 and 0.9, while GBP/JPY spreads stood at 1.6. Additionally, I appreciated that XTB doesn't impose deposit or withdrawal fees. However, if a trader’s account remains inactive for a year, the broker levies an inactivity fee of 10 units of the local currency per month.

Pros
  • User-friendly proprietary trading platform.
  • Strong educational support.
  • Competitive spreads.
  • Dedicated account manager.
Cons
  • Clients can only make withdrawals via bank transfer.

How to Choose A Forex Broker In Portugal?

Use our guide to define the best forex broker in Portugal according to your trading goals.

How to choose a safe forex broker in Portugal?

The process of choosing a broker begins with learning where your potential broker is regulated. In our research, we divide regulators into three tiers: Tier-1, Tier-2, and Tier-3.

  • Tier-1 regulators have strict oversight and impose certain limits on services offered to retail clients (for example, the leverage for retail clients is usually limited at 1:30). Such regulators usually provide access to investor compensation schemes. They also demand that brokers provide negative balance protection and keep clients’ funds in segregated accounts. Tier-1 regulators include CySEC, ASIC, and UK FCA.
  • Tier-2 regulators also offer strict oversight but usually do not limit leverage for retail clients. In addition, investor compensation schemes are typically not available at Tier-2 regulators. FSCA is a good example of such a regulator.
  • Tier-3 regulators are offshore regulators that do not impose limits on leverage for retail clients and do not provide access to compensation schemes. FSA Seychelles and FSC Mauritius are among Tier-3 regulators.
  • Unregulated brokers operate without oversight from any formal financial regulatory authority. Unlike regulated brokers, which have to comply with rules and guidelines set by financial bodies to ensure transparency and protection for traders, unregulated brokers are not bound by such requirements. Trading with an unregulated broker carries a high level of risk, including the potential for financial loss, fraud, or scams.

Traders should prioritize essential safeguards such as negative balance protection, segregated funds, and compensation funds, all of which offer reassurance in case of financial issues. Traders should note that offshore regulators do not impose strict limits on leverage, allowing traders to access high levels of leverage but offer lower levels of protection. You should be aware that compensation schemes may not be available. Consequently, if a broker faces financial difficulties, traders will have to navigate the situation independently.

All brokers from our list are regulated by the Cyprus Securities and Exchange Commission (CySEC). We rate CySEC as a Tier-1 regulator as it provides the maximum level of oversight and protection, including negative balance protection, segregated funds, and a compensation scheme.

Read more about the best regulated forex brokers in our detailed guide.

What fees should you focus on when choosing the broker?

Typically, brokers charge spreads, commissions, swap/rollover fees, and inactivity fees.

  • The spread is the difference between the bid and the ask price. The higher the spread, the more you pay for the trade. In our rating system, we deem spreads below 1 pip for EUR/USD and 3 pips for GBP/JPY to be low. See our guides on the best zero spread and best lowest spread forex brokers.
  • A commission is a fixed cost of entering the trade. Accounts that charge commissions usually offer lower spreads. For example, commissions below $3 for forex pairs and gold are considered low.
  • A swap/rollover fee is charged when you hold a leveraged position overnight. Traders should pay extra attention to these fees if they plan to use swing trading strategies, which involve holding positions for several days or even weeks. A swap rate below 0.5 pips for forex pairs is considered favorable. Discover best low swaps forex brokers.
  • A broker imposes an inactivity fee when an account remains dormant for a specified period. In this case, a certain amount of money is charged monthly. An inactivity fee below $10 is considered to be low.

How to choose the right account for trading?

You should understand the differences between various types of accounts.

  • Demo accounts are used for practice without risking real money. Such accounts are highly recommended for novice traders making their first steps in trading. Read more about best forex demo accounts.
  • Spread-based accounts typically charge spreads and swap/rollover fees. These accounts usually represent a good choice for traders whose trading volume is expected to be relatively modest.
  • Commission-based accounts charge commissions in addition to spreads and swap/rollover fees. Typically, such accounts offer tighter spreads. They are suitable for traders who anticipate a high volume of trading.
  • On Islamic accounts, swap/rollover fees are not charged to ensure compliance with Sharia law. See our guide on the best Islamic forex accounts.
  • Professional accounts usually have a high minimum deposit and offer access to the high leverage that most professional traders are looking for.

Read more about Best STP forex accounts and Best ECN forex accounts.

How to choose a trading platform?

Typically, most brokers offer access to MetaTrader 4 and/or MetaTrader 5. Those are sophisticated platforms with a variety of tools tailored mainly for experienced traders. Hence, beginners may need to spend some time learning the ropes.

Some brokers have also developed their own in-house trading platforms. These platforms are usually tailored to the needs of traders at various experience levels. They are easy to navigate and simple to use.

The choice of trading platform largely depends on personal preferences and trading experience. In my opinion, for novice traders, it’s better to start with a user-friendly platform or a mobile app designed by the broker, whereas experienced traders would often prefer MT4/MT5.

Find out more about each platform in our dedicated guides on best MT4 brokers and best MT5 brokers.

What leverage is available for traders?

Leverage provides traders with the opportunity to boost their profits through the use of borrowed funds. The higher the leverage, the greater your potential profits may be. However, leverage can be a double-edged sword, as it can also magnify potential losses. Thus, I would advise beginner traders to start with low leverage levels to avoid the risk of substantial losses.

For those comfortable with these dynamics, FX Empire offers a list of the best forex brokers with high leverage, carefully selected to suit specialized trading needs.

The maximum potential leverage a broker can offer is determined by the regulator. Portugal-based traders have access to the CySEC-regulated entities of brokers. CySEC, which is the leading European regulator for CFD brokers, limits leverage at 1:30 for retail clients.

What to avoid when choosing a broker?

Based on my trading experience, I have outlined the five things to avoid when choosing a broker:

  • Failing to verify regulatory compliance.
  • Overlooking broker fees, such as spreads, commissions, and swap rates.
  • Selecting an account type that does not match your requirements.
  • Neglecting to review the range of instruments provided by the broker.
  • Avoiding direct communication with the support team before opening an account.

How to avoid forex and CFD scams?

To safeguard yourself against forex scams, follow these essential guidelines:

  • Research and choose a reputable broker. Conduct thorough research to identify a broker with a solid reputation and a history of regulatory compliance. Verify its credentials and look for reviews or testimonials from reliable sources.
  • Check the regulatory status. Ensure that the broker you selected is regulated by a recognized financial authority. This oversight provides a decent level of protection and ensures adherence to industry standards.
  • Be cautious of unrealistic promises. Beware of brokers or investment schemes that promise guaranteed high returns or low-risk opportunities. Forex trading involves inherent risks, and legitimate brokers will not make unrealistic claims.
  • Avoid unregulated entities. Steer clear of unregulated brokers or those operating from offshore jurisdictions with weak regulations. Regulatory oversight helps protect your funds and ensures fair trading practices.
  • Understand the terms and conditions. Read and comprehend the broker’s terms and conditions, including fee structures, withdrawal policies, and any potential hidden costs. Beware of brokers that make it difficult to access or withdraw your funds.
  • Use secure payment methods. Choose reputable payment methods that offer additional security layers, such as bank transfers or established electronic payment systems. Avoid dealing with brokers that solely accept cryptocurrency or other non-traceable forms of payment.
  • Stay informed and educated. Continuously educate yourself about forex trading and stay updated on market trends and news. This knowledge will empower you to make informed decisions and identify potential scams.
  • Trust your instincts. If something seems too good to be true or raises suspicions, trust your gut instinct and exercise caution. Take the time to seek advice from trusted financial professionals or consult with experienced traders before making any decisions.

And if you are still uncertain, you can always check out our database of reviews to find the most reliable brokers.

Our Methodology

FX Empire, with a history dating back to 2011, has established itself as a reputable authority in broker reviews. Our extensive experience in evaluating CFD brokers, spanning over a decade, has led us to develop a meticulous and comprehensive review strategy. Adhering to stringent guidelines for editorial integrity, we consistently uphold our commitment to deliver unbiased evaluations.

We follow a diligent protocol for our review process, integrating objective criteria and quantifiable data. This methodical approach allows us to generate a justified score that accurately reflects the performance of a broker. Our mission is to provide traders with thorough and unbiased reviews, empowering you to make well-informed decisions aligned with your specific needs.

To choose the best brokers for you, we rate them across nine categories and calculate a score that reflects their performance. The categories include:

  • Trust and Stability
  • Fees
  • Platform and Tools
  • Tradable Instruments
  • Account Types
  • Deposit and Withdrawal
  • Research
  • Customer Support
  • Education

We open accounts, test platforms, measure spreads, and chat with support teams to collect as much data as possible for each broker. Overall, we evaluate brokers based on more than 250 distinct data points. Every category receives a rating from one star (weak) to five stars (excellent). The broker’s total score depends on its performance in each of these nine categories.

We highlight each broker’s strengths and weaknesses, explain regulatory details, and share the results of our live tests of brokers’ fees, customer support, and trading platforms. To learn more about our review process, click here.

For this guide, I focused on the best forex brokers in Portugal. I’ve given priority to brokers that offer specific local features, such as a Portuguese version of the website, customer support in the Portuguese language, and locally preferred payment methods.

Meet our Writers

The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

Get to Know Our Authors

Dan BlystoneBroker Analyst

Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.

Jitan SolankiBroker Analyst

Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.

Plamen StoyanovBroker Analyst

Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

Vladimir ZernovBroker Analyst

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.

Yes, forex trading is legal in Portugal.
Portugal does not require brokers to be regulated by the CMVM (Portuguese Securities Market Commission), so traders can open accounts with entities regulated by other European regulators.
Forex trading is supervised by the CMVM (Portuguese Securities Market Commission). Additionally, since Portugal is a member of the European Union, forex brokers operating in the country also need to comply with regulations set by the ESMA (European Securities and Markets Authority) and directives like MiFID II (Second Markets in Financial Instruments Directive).
ESMA stands for the European Securities and Markets Authority, while MiFID II represents the Second Markets in Financial Instruments Directive. Under the provisions of MiFID II, ESMA establishes standards for brokers within the European Union in domains such as investor protection and anti-money laundering.
Our research showed that FP Markets, IronFX, IC Markets, XTB, and AvaTrade are the top forex brokers in Portugal.
XTB is suggested for beginners in Portugal. The broker offers an intuitive proprietary trading platform and provides a comprehensive educational offering.
AvaTrade is suggested for professional traders in Portugal. The broker provides access to a wide range of trading platforms, such as MT4/MT5, Web Trader, and AvaTradeGO mobile app, and over 1,250 tradable instruments. Traders also have access to the popular Trading Central tool.
Forex trading is taxable in Portugal. Note that forex trading can be a complex and risky investment. It is important to understand the tax implications of forex trading and to consult with a tax advisor.
Yes, cryptocurrency trading is available in Portugal.
Negative balance protection is a feature offered by some brokers that protects traders from incurring a negative account balance. In forex trading, it is possible to lose more money than you have in your account due to leverage, which magnifies both gains and losses. With negative balance protection, the broker guarantees that the trader's account balance will never go below zero, even in the event of a sudden and significant market move that results in a large loss.
To verify whether your broker has negative balance protection, you can review the terms and conditions of your account agreement, which should outline the broker's policy on negative balance protection. This information is usually available on the broker's website or can be obtained by contacting their customer support team.
A compensation scheme is a type of investor protection program that provides financial compensation to investors who have suffered losses as a result of a broker's insolvency, fraud, or other misconduct. Compensation schemes are designed to protect investors from financial harm and to promote confidence in the financial markets. In most countries, compensation schemes are established and regulated by the government or financial regulatory agencies. These schemes typically have specific eligibility requirements, such as a maximum level of compensation per investor or per claim, and may only cover certain types of financial instruments or transactions.
You can check their regulatory status and the terms and conditions of your account agreement. You can also check the website of the compensation scheme in your country or region to see if your broker is listed as a member.
A segregated fund refers to the practice where brokers hold their clients' funds separate from their own operational funds. This is done to protect clients' funds in the event of the broker's bankruptcy or other financial difficulties.
To verify if a broker offers segregated funds, you can check their website, contact them directly, review their regulatory filings, look for independent reviews, or consult with a financial advisor.

About the Author

Vladimir ZernovBroker Analyst

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.

Why you can trust FX Empire

At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.

Why you can trust FX Empire

FXEmpire was founded in 2011, making us one of the first forex broker review sites. You can trust FXEmpire because of our thorough and unbiased review process. With over a decade of experience, we have a team of industry experts who conduct rigorous tests to ensure our reviews are accurate and unbiased. Our reviews are designed to bring clarity and confidence to the process of choosing a broker, and are based on objective criteria and measurable data. Our editorial team is composed of trading industry professionals and seasoned financial journalists, who ensure that our reviews are accurate and unbiased. Additionally, our review system is based on 9 core categories and over 250 distinct variables, which ensures that all aspects of a broker are considered before giving a final rating. So, you can trust FXEmpire to provide you with honest and informative reviews that will help you make an informed decision on which broker will best enable you to reach your financial goals.